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SDX Sdx Energy Plc

1.90
0.00 (0.00%)
04 Nov 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Sdx Energy Plc LSE:SDX London Ordinary Share GB00BJ5JNL69 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 1.90 1.80 2.00 1.90 1.90 1.90 36,434 08:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

SDX Energy PLC Update on Convertible Loan

15/10/2024 7:00am

RNS Regulatory News


RNS Number : 1457I
SDX Energy PLC
15 October 2024
 

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY SDX TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU) NO. 596/2014 ("MAR"). ON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE ("RIS"), THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

A logo of a company Description automatically generated

 

15 October 2024

 

SDX ENERGY PLC ("SDX" or the "Company")

UPDATE ON CONVERTIBLE LOAN

As announced on 4 September 2024, the Company and Aleph Finance Ltd (the "Lender") signed a new agreement (the "New Facility Agreement") that would refinance the Company's syndicated unsecured convertible loan agreement with the Lender for up to US$3.25 million (the "Existing Convertible Loan") and, as announced on 26 September 2024, the Company and the Lender agreed to amend the terms of the New Facility Agreement (the "Amended Facility Agreement").

The Existing Convertible Loan is unsecured, convertible at any time at the option of the individual lenders and repayable on 24 July 2024, but the Company requested and the Lender consented and agreed to repayment now being delayed until 28 October 2024. The amount payable is US$3.82 million (principal US$3.25 million and interest US$0.57 million).

The Lender has confirmed that it has been funded by its sub-participants and, on or before 28 October 2024, will deliver a funding statement covering approximately US$4.5 million, which will be used to repay the Existing Convertible Loan. The remaining balance under the Amended Facility Agreement of approximately US$2.0 million will be available to the Company when the Lender confirms that this amount has been funded by its sub-participants and delivers a further funding statement covering this additional amount. The Company intends to draw this amount when it becomes available and to apply the proceeds towards capital expenditure in Morocco and general corporate creditors. The Loan will be available for drawdown within six months of the satisfaction or waiver of the conditions precedent under the Amended Facility Agreement.

On 14 October 2024, the Company held a General Meeting and shareholders voted overwhelmingly in favour of the resolutions authorising the directors to issue shares if the Lender exercises the right to convert the outstanding Loan, including any accrued interest, in full or in part, into ordinary shares in the capital of the Company.

For further information:

 

SDX Energy Plc

Daniel Gould, Chief Executive Officer

William McAvock, Chief Financial Officer

Tel: +44 (0) 20 3219 5640

 

 

 

Shore Capital (Nominated Adviser and Broker)

Toby Gibbs/Harry Davies-Ball

Tel: +44 (0) 20 7408 4090

 

InHouseIR (Investor and Media Relations)

Sarah Dees/Oliver Clark

Email: sdx@inhouseir.com

Tel: +44 (0) 7881 650 813 / +44 (0) 20 3239 1669

 

 

About SDX

For further information, please see the Company's website at www.sdxenergygroup.com or the Company's filed documents at www.sedar.com.

 

Forward-looking information

Certain statements contained in this press release may constitute "forward-looking information" as such term is used in applicable Canadian securities laws. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or are not statements of historical fact should be viewed as forward-looking information.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

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